CME Steps Up Battle Against LME With New Aluminum Contracts
- New aluminum contracts will launch on May 23, CME Group says
- CME is looking to build on expansion in copper trading
CME Group headquarters in Chicago.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
The Chicago Mercantile Exchange will launch new aluminum options contracts next month, as it steps up a campaign to wrestle trading away from its London rival in the wake of a nickel-trading debacle.
CME Group has made major strides in its competition with the larger London Metal Exchange in recent years after strong growth in its copper futures and options contracts, and it’s now looking to replicate that expansion in aluminum, the most widely used base metal. It’s also been offering incentives to traders to boost its less-popular aluminum futures contract, seeking to capitalize on the controversial halt on trading in the LME nickel market last month.